Sharp gains in recent weeks have WTI on track for its biggest monthly jump since December, up 8% in July.
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Buoyed by government production data, oil prices finish at their highest level in nearly two months.
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U.S. crude stockpiles fell a bigger-than-expected 7.2 million barrels last week.
Cuts to oil-and-gas exploration and signs of a potential slowdown in U.S. output play roles in the bullish shift in sentiment.
In oil and gas history this week...The first report of oil in the new world was documented and the "World's Wonder Oilfield" was discovered in Burkburnett, Texas.
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